Home Business & Economy Dr. Bawumia is Right, The Cedi is Not So Bad But …

Dr. Bawumia is Right, The Cedi is Not So Bad But …

Ghanaians are not very happy with the Cedi’s recent depreciation against the US dollar especially since Dr. Mahamudu Bawumia announced after 100 days in office that the Cedi’s exchange rate had been arrested and the keys given to the IGP.

The Vice President has now been reduced to comparing the Cedi’s recent rate of depreciation to how bad it was under the previous NDC government. And he says the Cedi is not really falling. It’s the dollar that is rather getting stronger.

The unpleasant truth is that Dr. Mahamudu Bawumia is kind of right. In the past year, from September 2017 to now, the dollar has been strong against almost every major currency apart from the Japanese Yen. The depreciation suffered by the major currencies against the US dollar looks something like this:

One could say that if the Pound Sterling kwraa is going down, then the Ghana Cedi’s 8% or 9% drop is nothing. That’s Dr. Bawumia’s explanation now.

But does we care?

It was Bawumia who chose to make life difficult for former Vice President Paa Kwesi Amissah-Arthur of blessed memory. He worried the man saaaaa until death set him free recently.

And it was Bawumia who told us the Cedi had been arrested. He was the one who told us Mahama’s government was the most insensitive and most uncaring for increasing fuel prices. He was the one who kept giving public lectures telling us how badly the NDC was managing the economy.

Now what?

When you fire shots so much, you set the bar high for yourself. Accordingly, you must be prepared to be held up to the high standards that you set yourself.

Frankly, there is not a lot of room for his excuses. What Ghanaians need are affordable goods and services and money in our pockets to purchase them, not the who-is-worse comparison with NDC that he and some of his colleagues are making.

 

The views expressed herein do not constitute an endorsement of the National Democratic Congress (NDC) or any other political party or aspiring presidential candidate, and should not be miscontrued as such.

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